CV Sciences, Inc. Repays Installment Obligation on Convertible Debt
LAS VEGAS, Jan. 16, 2018 (GLOBE NEWSWIRE) -- CV Sciences, Inc. (OTCQB:CVSI) (the “Company”, “CV Sciences”, “our” or “we”) announced today that it has paid the January 2018 installment obligation under its March 1, 2017 Convertible Promissory Note (the “Note”) in cash, thus avoiding the lender’s conversion of this amount under the terms of the Note. The Company issued the Note on March 1, 2017 in the original principal amount of $770,000, which provided the Company the right to satisfy installment obligations in cash or by conversion of the installment amount into shares of our Common Stock at a price determined based upon the trading price of our stock during the period immediately prior to conversion. On January 5, 2018, the Company made payment to the holder of the Note equal to $100,000 and the lender accepted this payment.
“As we previously indicated in December 2017, our financial position has well-positioned the Company to satisfy all remaining outstanding debt obligations in cash,” said Michael J. Mona, Jr., chairman and CEO of CV Sciences. “By doing so through the remaining term of this debt obligation, we will be able to avoid further dilutive issuances of our stock to the lender.”
After payment of the January 2018 installment, the amount remaining due under the Note is approximately $516,500. The Company will continue to utilize cash flow in a manner that puts the interest of stockholders first, both in terms of continued growth and managing dilution.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.
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